资料显示，江苏华宏科技股份有限公司位于江苏省江阴市周庄镇澄杨路1118号，成立日期2004年8月19 日，上市日期2011年12月20日，公司主营业务涉及再生资源加工设备业务和废弃资源综合利用业务,电 梯部件业务板块,稀土废料综合利用领域。主营业务收入构成为：稀土资源综合利用49.56%，磁性材料 销售23.77%，再生资源加工设备销售10.45%，电梯零部件销售9.83%，废料回收加工及贸易4.68%，其 他1.71%。 截至9月30日，华宏科技股东户数6.44万，较上期增加85.57%；人均流通股8684股，较上期减少 41.27%。2025年1月-9月，华宏科技实现营业收入54.61亿元，同比增长34.94%；归母净利润1.97亿元， 同比增长7110.70%。 分红方面，华宏科技A股上市后累计派现3.54亿元。近三年，累计派现1.16亿元。 12月29日，华宏科技涨0.61%，成交额1.74亿元。两融数据显示，当日华宏科技获融资买入额935.70万 元，融资偿还2524.47万元，融资净买入-1588.77万元。截至12月29日，华宏科技融资融券余额合计2.79 亿元。 融资方面，华宏科技当日融资买入 ...

Core Viewpoint - Huahong Technology experienced a 5.03% decline in stock price, closing at 15.66 CNY per share, with a trading volume of 1.08 billion CNY and a turnover rate of 11.92%, resulting in a total market capitalization of 9.828 billion CNY [1] Company Overview - Jiangsu Huahong Technology Co., Ltd. was established on August 19, 2004, and went public on December 20, 2011. The company is located at 1118 Chengyang Road, Zhouzhuang Town, Jiangyin City, Jiangsu Province [1] - The main business segments include recycling resource processing equipment, comprehensive utilization of waste resources, elevator components, and rare earth waste utilization [1] Revenue Composition - The revenue composition of Huahong Technology is as follows: - Comprehensive utilization of rare earth resources: 49.56% - Sales of magnetic materials: 23.77% - Sales of recycling resource processing equipment: 10.45% - Sales of elevator components: 9.83% - Waste recovery processing and trade: 4.68% - Others: 1.71% [1] Fund Holdings - Qianhai Kaiyuan Fund has a significant holding in Huahong Technology, with the Qianhai Kaiyuan Shengxin Mixed A Fund (005541) holding 821,300 shares, representing 4.19% of the fund's net value, making it the eighth largest holding [2] - The fund has reported a floating loss of approximately 681,700 CNY as of the latest update [2] Fund Performance - The Qianhai Kaiyuan Shengxin Mixed A Fund has achieved a year-to-date return of 69.37%, ranking 401 out of 8166 in its category, and a one-year return of 65.63%, ranking 541 out of 8014 [2] - Since its inception, the fund has delivered a return of 228.72% [2] Fund Manager Information - The fund is managed by Yang Delong and Shi Yan, with Yang having a tenure of 15 years and 49 days, overseeing assets totaling 1.961 billion CNY, and a best return of 82.77% during his tenure [2] - Shi has a tenure of 6 years and 151 days, managing assets of 504 million CNY, with a best return of 65.63% [2]

Core Viewpoint - In 2024, Huahong Technology experienced a significant decline in revenue and incurred a net loss, but showed signs of recovery in Q1 2025 with a return to profitability driven by improved market conditions and operational efficiency [1][2]. Group 1: Financial Performance - In 2024, Huahong Technology achieved operating revenue of 5.576 billion yuan, a year-on-year decrease of 18.96%, and a net profit attributable to shareholders of -356 million yuan [1]. - In Q1 2025, the company reported operating revenue of 1.436 billion yuan, a year-on-year increase of 18.76%, and a net profit of 31.13 million yuan, marking a return to profitability [1]. - The impairment of goodwill related to the acquisition of Jiangsu Weierman amounted to 334 million yuan, which significantly impacted the 2024 net profit [1]. Group 2: Business Segments - Huahong Technology's main business segments include recycling resource equipment and operations, high-end manufacturing of elevator components, comprehensive utilization of rare earth resources, and rare earth magnetic materials [1]. - The comprehensive utilization of rare earth resources and magnetic materials sales accounted for over 60% of the company's total revenue [1]. - In 2024, revenue from rare earth resource utilization was 2.486 billion yuan, representing 44.58% of total revenue, while magnetic materials sales generated 1.335 billion yuan, accounting for 23.93% of total revenue, with a year-on-year growth of 142.67% [2]. Group 3: Market Trends and Future Outlook - The company has increased investment in rare earth resource utilization and magnetic materials, benefiting from the growing demand in sectors such as new energy vehicles, industrial automation, and energy-saving appliances [2]. - Current production capacity for recycled rare earth oxides is 12,000 tons per year, and for magnetic materials, it is 15,000 tons per year [2]. - The company aims to enhance product competitiveness through technological innovation, cost reduction, and production efficiency improvements [2][3].